{"id":23379,"date":"2022-05-25T18:01:24","date_gmt":"2022-05-25T11:01:24","guid":{"rendered":"https:\/\/anvilaw.com\/vi\/?p=23379"},"modified":"2025-02-19T15:16:41","modified_gmt":"2025-02-19T08:16:41","slug":"3-158-khong-nen-siet-chat-thi-truong-trai-phieu-doanh-nghiep","status":"publish","type":"post","link":"https:\/\/anvilaw.com\/vi\/3-158-khong-nen-siet-chat-thi-truong-trai-phieu-doanh-nghiep\/","title":{"rendered":"3.158. Kh\u00f4ng n\u00ean si\u1ebft ch\u1eb7t th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p\u00a0"},"content":{"rendered":"

Kh\u00f4ng n\u00ean si\u1ebft ch\u1eb7t th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p\u00a0<\/span><\/h4>\n
(\u0110TCK)\u00a0C\u00e1c chuy\u00ean gia cho r\u1eb1ng, l\u00e0m l\u00e0nh m\u1ea1nh h\u00f3a th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p kh\u00f4ng nh\u1ea5t thi\u1ebft ph\u1ea3i th\u1eaft ch\u1eb7t c\u00e1c quy \u0111\u1ecbnh.<\/strong><\/h5>\n
TS. Nguy\u1ec5n Tr\u00ed Hi\u1ebfu, Chuy\u00ean gia t\u00e0i ch\u00ednh – ng\u00e2n h\u00e0ng<\/strong><\/h5>\n

\"Kh\u00f4ng<\/p>\n

Ngh\u1ecb \u0111\u1ecbnh 153\/2020\/N\u0110-CP v\u1ec1 ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu ri\u00eang l\u1ebb c\u1ea7n b\u1ed5 sung quy \u0111\u1ecbnh nh\u00e0 ph\u00e1t h\u00e0nh ph\u1ea3i c\u00f4ng b\u1ed1 b\u1ea3n c\u00e1o b\u1ea1ch n\u00eau r\u00f5 m\u1ee5c \u0111\u00edch s\u1eed d\u1ee5ng v\u1ed1n v\u00e0 \u0111\u01b0a ra c\u00e1c c\u00f4ng c\u1ee5 \u0111\u1ec3 nh\u00e0 \u0111\u1ea7u t\u01b0 theo d\u00f5i vi\u1ec7c s\u1eed d\u1ee5ng v\u1ed1n, v\u00ed d\u1ee5 l\u1ed9 tr\u00ecnh s\u1eed d\u1ee5ng v\u1ed1n \u0111\u1ec3 th\u1ef1c hi\u1ec7n d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0, c\u00f3 t\u1eebng m\u1ed1c th\u1eddi gian nh\u1ea5t \u0111\u1ecbnh, c\u00f3 b\u00e1o c\u00e1o ti\u1ebfn \u0111\u1ed9 th\u1ef1c hi\u1ec7n theo t\u1eebng qu\u00fd, t\u1eebng n\u0103m\u2026; l\u00e0m r\u00f5 c\u00e1c ph\u01b0\u01a1ng ph\u00e1p tr\u1ea3 n\u1ee3 v\u00e0 l\u00e3i, ph\u01b0\u01a1ng ph\u00e1p t\u00ednh l\u00e3i su\u1ea5t; n\u00eau r\u00f5 nh\u1eefng cam k\u1ebft t\u00e0i ch\u00ednh, ch\u1eb3ng h\u1ea1n c\u00e1c t\u1ef7 l\u1ec7 t\u00e0i ch\u00ednh, thanh kho\u1ea3n, \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh m\u00e0 nh\u00e0 ph\u00e1t h\u00e0nh s\u1eed d\u1ee5ng.<\/p>\n

V\u1ec1 x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m, c\u1ea7n b\u1ed5 sung v\u00e0o Ngh\u1ecb \u0111\u1ecbnh 88\/2014\/N\u0110-CP quy \u0111\u1ecbnh c\u00e1c c\u00f4ng ty x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m ph\u1ea3i gi\u1ea3i tr\u00ecnh ph\u01b0\u01a1ng ph\u00e1p x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m; th\u1ed1ng nh\u1ea5t c\u00e1c k\u00fd hi\u1ec7u cho c\u00e1c h\u1ea1ng m\u1ee9c t\u00edn nhi\u1ec7m nh\u01b0 AAA, BBB, CCC; c\u00f3 th\u1ec3 chia m\u1ee9c \u0111\u1ed9 x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m th\u00e0nh 2 nh\u00f3m \u201c\u0110\u1ea7u t\u01b0\u201d v\u00e0 \u201cKh\u00f4ng \u0111\u1ea7u t\u01b0\u201d \u0111\u1ec3 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1eadn di\u1ec7n \u0111\u01b0\u1ee3c m\u1ee9c \u0111\u1ed9 r\u1ee7i ro khi mua tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p.<\/p>\n

Ngo\u00e0i ra, th\u00e0nh l\u1eadp m\u1ed9t v\u0103n ph\u00f2ng tr\u1ef1c thu\u1ed9c B\u1ed9 T\u00e0i ch\u00ednh v\u1ec1 x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m \u0111\u1ec3 gi\u00e1m s\u00e1t ho\u1ea1t \u0111\u1ed9ng c\u1ee7a c\u00e1c c\u00f4ng ty x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m, ki\u1ec3m so\u00e1t vi\u1ec7c tu\u00e2n th\u1ee7 c\u00e1c quy \u0111\u1ecbnh v\u00e0 ki\u1ec3m so\u00e1t c\u00e1c tr\u01b0\u1eddng h\u1ee3p xung \u0111\u1ed9t l\u1ee3i \u00edch gi\u1eefa c\u00e1c th\u00e0nh vi\u00ean c\u1ee7a c\u00f4ng ty x\u1ebfp h\u1ea1ng v\u00e0 tr\u00e1i phi\u1ebfu \u0111\u01b0\u1ee3c x\u1ebfp h\u1ea1ng.<\/p>\n

\u00d4ng Ph\u1ea1m Xu\u00e2n Ho\u00e8, Nguy\u00ean Ph\u00f3 vi\u1ec7n tr\u01b0\u1edfng Vi\u1ec7n Chi\u1ebfn l\u01b0\u1ee3c, Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc<\/strong><\/h5>\n

D\u01b0\u1eddng nh\u01b0 quan \u0111i\u1ec3m v\u1ec1 th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p \u0111ang chuy\u1ec3n t\u1eeb th\u00e1i c\u1ef1c m\u1edf sang qu\u1ea3n l\u00fd ch\u1eb7t ch\u1ebd. \u0110i\u1ec1u \u0111\u00f3 l\u00e0 ch\u01b0a h\u1ee3p l\u00fd v\u1edbi nguy\u00ean t\u1eafc th\u1ecb tr\u01b0\u1eddng v\u00e0 n\u1ebfu c\u1ee9 ti\u1ebfp t\u1ee5c nh\u01b0 v\u1eady, Vi\u1ec7t Nam s\u1ebd kh\u00f3 c\u00f3 \u0111\u01b0\u1ee3c th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu l\u00e0nh m\u1ea1nh, \u0111\u1ea1t m\u1ee5c ti\u00eau 20% GDP v\u00e0o n\u0103m 2025.<\/p>\n

V\u1ec1 t\u1ed5ng th\u1ec3, c\u00e1ch ti\u1ebfp c\u1eadn th\u1ecb tr\u01b0\u1eddng ph\u1ea3i m\u1edf, \u0111\u1ea3m b\u1ea3o theo nguy\u00ean l\u00fd kinh t\u1ebf th\u1ecb tr\u01b0\u1eddng, c\u00e2n b\u1eb1ng v\u1ed1n gi\u1eefa th\u1ecb tr\u01b0\u1eddng d\u00e0i h\u1ea1n v\u00e0 ng\u1eafn h\u1ea1n, gi\u1eefa r\u1ee7i ro v\u00e0 ph\u00e1t tri\u1ec3n th\u1ecb tr\u01b0\u1eddng.<\/p>\n

D\u1ef1 th\u1ea3o s\u1eeda \u0111\u1ed5i Ngh\u1ecb \u0111\u1ecbnh 153\/2020\/N\u0110-CP quy \u0111\u1ecbnh h\u1ea1n m\u1ee9c vay n\u1ee3 c\u1ee7a doanh nghi\u1ec7p ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu kh\u00f4ng qu\u00e1 3 l\u1ea7n v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu, c\u00e1ch ti\u1ebfp c\u1eadn \u0111\u00f3 l\u00e0 ch\u01b0a ph\u00f9 h\u1ee3p. M\u1ed7i lo\u1ea1i h\u00ecnh doanh nghi\u1ec7p s\u1ebd c\u00f3 h\u1ec7 s\u1ed1 vay n\u1ee3 kh\u00e1c nhau, v\u00ed d\u1ee5 ng\u00e0nh th\u01b0\u01a1ng m\u1ea1i \u0111\u01b0\u1ee3c t\u00e0i tr\u1ee3 70%, c\u00f2n 30% l\u00e0 v\u1ed1n t\u1ef1 c\u00f3, l\u0129nh v\u1ef1c c\u00f4ng nghi\u1ec7p l\u00e0 50 – 50%. Ch\u00fang ta c\u1ea7n ph\u00e2n t\u00edch theo \u0111\u1eb7c th\u00f9 ng\u00e0nh ngh\u1ec1 \u0111\u1ec3 gi\u1edbi h\u1ea1n, ch\u1ee9 kh\u00f4ng n\u00ean c\u00e0o b\u1eb1ng nh\u01b0 nhau.<\/p>\n

Vi\u1ec7c ki\u1ec3m so\u00e1t qu\u00e1 ch\u1eb7t ch\u1ebd d\u00f2ng v\u1ed1n v\u00e0 m\u1ee5c \u0111\u00edch s\u1eed d\u1ee5ng v\u1ed1n c\u1ee7a doanh nghi\u1ec7p ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu l\u00e0 kh\u00f4ng kh\u1ea3 thi. C\u1ea7n ki\u1ec3m so\u00e1t m\u1ee5c \u0111\u00edch s\u1eed d\u1ee5ng v\u1ed1n, nh\u01b0ng kh\u00f4ng th\u1ec3 ph\u00e2n bi\u1ec7t \u201c\u0111\u1ed3ng n\u00e0y mua m\u1eafm, \u0111\u1ed3ng n\u00e0y mua t\u01b0\u01a1ng\u201d, n\u00ean c\u01a1 ch\u1ebf c\u1ea7n c\u00f3 s\u1ef1 th\u00f4ng tho\u00e1ng, c\u1edfi m\u1edf nh\u1ea5t \u0111\u1ecbnh.<\/p>\n

\u00d4ng \u0110\u1eadu Anh Tu\u1ea5n, Ph\u00f3 t\u1ed5ng th\u01b0 k\u00fd ki\u00eam Tr\u01b0\u1edfng ban Ph\u00e1p ch\u1ebf, VCCI<\/strong><\/h5>\n

D\u1ef1 th\u1ea3o s\u1eeda \u0111\u1ed5i Ngh\u1ecb \u0111\u1ecbnh 153\/2020\/N\u0110-CP quy \u0111\u1ecbnh 3 \u0111i\u1ec1u ki\u1ec7n v\u1edbi t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh g\u1ed3m: k\u1ebft qu\u1ea3 kinh doanh n\u0103m tr\u01b0\u1edbc c\u00f3 l\u00e3i; t\u1ed5ng d\u01b0 n\u1ee3 tr\u00e1i phi\u1ebfu kh\u00f4ng v\u01b0\u1ee3t qu\u00e1 3 l\u1ea7n v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu; c\u00f3 t\u00e0i s\u1ea3n b\u1ea3o \u0111\u1ea3m n\u1ebfu t\u1ed5ng d\u1ef1 n\u1ee3 tr\u00e1i phi\u1ebfu v\u01b0\u1ee3t qu\u00e1 v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu.<\/p>\n

V\u1edbi b\u00ean mua, d\u1ef1 th\u1ea3o quy \u0111\u1ecbnh, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n chuy\u00ean nghi\u1ec7p ch\u1ec9 \u0111\u01b0\u1ee3c mua tr\u00e1i phi\u1ebfu ri\u00eang l\u1ebb do c\u00f4ng ty \u0111\u1ea1i ch\u00fang ph\u00e1t h\u00e0nh c\u00f3 t\u00e0i s\u1ea3n b\u1ea3o \u0111\u1ea3m ho\u1eb7c b\u1ea3o l\u00e3nh thanh to\u00e1n.<\/p>\n

C\u00e1c quy \u0111\u1ecbnh n\u00e0y c\u00f3 th\u1ec3 s\u1ebd t\u1ea1o ra nguy c\u01a1 kh\u00f3a ch\u1eb7t k\u00eanh huy \u0111\u1ed9ng v\u1ed1n b\u1eb1ng tr\u00e1i phi\u1ebfu ri\u00eang l\u1ebb khi\u1ebfn nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u1ec3n sang c\u00e1c h\u00ecnh th\u1ee9c kh\u00e1c ch\u01b0a c\u00f3 quy \u0111\u1ecbnh ch\u1eb7t ch\u1ebd nh\u01b0 k\u1ef3 phi\u1ebfu, t\u00edn phi\u1ebfu, ch\u1ee9ng ch\u1ec9 vay v\u1ed1n, ho\u1eb7c c\u00e1c h\u00ecnh th\u1ee9c h\u1ee3p \u0111\u1ed3ng h\u1ee3p t\u00e1c \u0111\u1ea7u t\u01b0 v\u1edbi t\u1ed5 ch\u1ee9c.<\/p>\n

V\u1ec1 v\u1ea5n \u0111\u1ec1 qu\u1ea3n l\u00fd d\u00f2ng v\u1ed1n, m\u1ee5c \u0111\u00edch vay, d\u1ef1 th\u1ea3o quy \u0111\u1ecbnh, doanh nghi\u1ec7p kh\u00f4ng \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu \u0111\u1ec3 g\u00f3p v\u1ed1n, mua c\u1ed5 ph\u1ea7n, ph\u1ea7n v\u1ed1n g\u00f3p c\u1ee7a doanh nghi\u1ec7p kh\u00e1c v\u00e0 cho doanh nghi\u1ec7p kh\u00e1c vay v\u1ed1n. Quy \u0111\u1ecbnh nh\u01b0 v\u1eady kh\u00f4ng ph\u00f9 h\u1ee3p v\u1edbi nguy\u00ean t\u1eafc qu\u1ea3n tr\u1ecb c\u1ee7a t\u1eadp \u0111o\u00e0n (c\u00f4ng ty m\u1eb9 c\u00f3 uy t\u00edn \u0111\u1ea3m nh\u1eadn vi\u1ec7c ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu sau \u0111\u00f3 cho c\u00f4ng ty con vay), h\u1ea1n ch\u1ebf quy\u1ec1n ti\u1ebfp c\u1eadn v\u1ed1n c\u1ee7a doanh nghi\u1ec7p v\u00e0 c\u1ea3n tr\u1edf ho\u1ea1t \u0111\u1ed9ng M&A.<\/p>\n

\u00d4ng Phan \u0110\u1ee9c Hi\u1ebfu, U\u1ef7 vi\u00ean Th\u01b0\u1eddng tr\u1ef1c U\u1ef7 ban Kinh t\u1ebf c\u1ee7a Qu\u1ed1c h\u1ed9i<\/strong><\/h5>\n

Hi\u1ec7n nay, \u0110i\u1ec1u 11 Lu\u1eadt Ch\u1ee9ng kho\u00e1n quy \u0111\u1ecbnh v\u1ec1 nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u00ean nghi\u1ec7p c\u00f3 2 \u0111i\u1ec3m b\u1ea5t c\u1eadp.<\/p>\n

Th\u1ee9 nh\u1ea5t, c\u00e1c \u0111i\u1ec1u ki\u1ec7n \u0111\u1ec3 m\u1ed9t c\u00e1 nh\u00e2n tr\u1edf th\u00e0nh nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n r\u1ea5t d\u1ec5 \u0111\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c v\u1ec1 m\u1eb7t lu\u1eadt ph\u00e1p, nh\u01b0ng c\u00f3 th\u1ec3 kh\u00f4ng l\u00e0m thay \u0111\u1ed5i b\u1ea3n ch\u1ea5t c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00f3. C\u1ee5 th\u1ec3, quy \u0111\u1ecbnh c\u00e1 nh\u00e2n n\u1eafm gi\u1eef danh m\u1ee5c ch\u1ee9ng kho\u00e1n ni\u00eam y\u1ebft, \u0111\u0103ng k\u00fd giao d\u1ecbch c\u00f3 gi\u00e1 tr\u1ecb t\u1ed1i thi\u1ec3u 2 t\u1ef7 \u0111\u1ed3ng theo x\u00e1c nh\u1eadn c\u1ee7a c\u00f4ng ty ch\u1ee9ng kho\u00e1n t\u1ea1i th\u1eddi \u0111i\u1ec3m c\u00e1 nh\u00e2n \u0111\u00f3 \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh t\u01b0 c\u00e1ch l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n chuy\u00ean nghi\u1ec7p.<\/p>\n

V\u1eady sau th\u1eddi \u0111i\u1ec3m \u0111\u00f3 th\u00ec nh\u01b0 th\u1ebf n\u00e0o? Theo Lu\u1eadt Ch\u1ee9ng kho\u00e1n c\u1ee7a M\u1ef9 n\u0103m 1933, s\u1eeda \u0111\u1ed5i n\u0103m 2010, nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ec9 \u0111\u1ecbnh th\u00ec ph\u1ea3i c\u00f3 t\u00e0i s\u1ea3n l\u00e0 200.000 USD. V\u00e0 trong 2 n\u0103m li\u00ean ti\u1ebfp ph\u1ea3i lu\u00f4n ph\u1ea3i duy tr\u00ec, ch\u1ee9 kh\u00f4ng ch\u1ec9 t\u1ea1i th\u1eddi \u0111i\u1ec3m \u0111\u00f3. N\u0103m 2020, M\u1ef9 l\u1ea1i s\u1eeda \u0111\u1ed5i th\u00eam l\u1ea7n n\u1eefa, b\u1ed5 sung quy \u0111\u1ecbnh m\u1edbi v\u1ec1 n\u0103ng l\u1ef1c chuy\u00ean m\u00f4n\u2026 Khi \u0111\u00f3, nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e1p \u1ee9ng \u0111\u01b0\u1ee3c \u0111i\u1ec1u ki\u1ec7n m\u1edbi \u0111\u01b0\u1ee3c c\u00f4ng nh\u1eadn l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n chuy\u00ean nghi\u1ec7p.<\/p>\n

Th\u1ee9 hai, Lu\u1eadt Ch\u1ee9ng kho\u00e1n giao cho ch\u00ednh c\u00f4ng ty ch\u1ee9ng kho\u00e1n l\u00e0 nh\u1eefng ng\u01b0\u1eddi b\u00e1n h\u00e0ng (h\u1ecd mua tr\u00e1i phi\u1ebfu \u1edf th\u1ecb tr\u01b0\u1eddng s\u01a1 c\u1ea5p r\u1ed3i b\u00e1n cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u00ean nghi\u1ec7p) c\u00f3 quy\u1ec1n c\u00f4ng nh\u1eadn t\u01b0 c\u00e1ch nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n chuy\u00ean nghi\u1ec7p. Quy \u0111\u1ecbnh nh\u01b0 th\u1ebf s\u1ebd c\u00f3 xung \u0111\u1ed9t l\u1ee3i \u00edch, v\u00ec n\u1ebfu c\u00f4ng ty ch\u1ee9ng kho\u00e1n mu\u1ed1n b\u00e1n h\u00e0ng, h\u1ecd s\u1ebd t\u00ecm m\u1ecdi c\u00e1ch \u0111\u1ec3 x\u00e1c nh\u1eadn ng\u01b0\u1eddi mua \u0111\u1ee7 t\u01b0 c\u00e1ch nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u00ean nghi\u1ec7p.<\/p>\n

T\u00f4i \u0111\u1ec1 ngh\u1ecb Ch\u00ednh ph\u1ee7 cho xem x\u00e9t, r\u00e0 so\u00e1t \u0110i\u1ec1u 11, Lu\u1eadt Ch\u1ee9ng kho\u00e1n v\u00e0 Ngh\u1ecb \u0111\u1ecbnh 155\/2020\/N\u0110-CP li\u00ean quan \u0111i\u1ec1u ki\u1ec7n c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n chuy\u00ean nghi\u1ec7p \u0111\u1ec3 s\u1eeda \u0111\u1ed5i, b\u1ed5 sung cho ph\u00f9 h\u1ee3p.<\/p>\n

C\u1ea5n V\u0103n L\u1ef1c, Th\u00e0nh vi\u00ean H\u1ed9i \u0111\u1ed3ng T\u01b0 v\u1ea5n ch\u00ednh s\u00e1ch t\u00e0i ch\u00ednh – ti\u1ec1n t\u1ec7 qu\u1ed1c gia<\/strong><\/h5>\n

\u0110\u1ec3 l\u00e0nh m\u1ea1nh h\u00f3a th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p, c\u1ea7n v\u1eeba ki\u1ebfn t\u1ea1o ph\u00e1t tri\u1ec3n cho th\u1ecb tr\u01b0\u1eddng, v\u1eeba ki\u1ec3m so\u00e1t \u0111\u01b0\u1ee3c r\u1ee7i ro, tr\u01b0\u1edbc m\u1eaft l\u00e0 gi\u1ea3i quy\u1ebft d\u1ee9t \u0111i\u1ec3m c\u00e1c v\u1ee5 vi\u1ec7c l\u00f9m x\u00f9m v\u1eeba qua \u0111\u1ec3 c\u1ee7ng c\u1ed1 ni\u1ec1m tin nh\u00e0 \u0111\u1ea7u t\u01b0 c\u0169ng nh\u01b0 tr\u00e1nh t\u1ea1o ti\u1ec1n l\u1ec7 x\u1ea5u.<\/p>\n

\u0110\u1ed3ng th\u1eddi, s\u1edbm ho\u00e0n thi\u1ec7n h\u00e0nh lang ph\u00e1p l\u00fd ph\u00f9 h\u1ee3p: s\u1eeda \u0111\u1ed5i Ngh\u1ecb \u0111\u1ecbnh 153\/2020\/N\u0110-CP v\u1ec1 ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p ri\u00eang l\u1ebb, Ngh\u1ecb \u0111\u1ecbnh 156\/2020 v\u1ec1 x\u1eed ph\u1ea1t vi ph\u1ea1m h\u00e0nh ch\u00ednh trong l\u0129nh v\u1ef1c ch\u1ee9ng kho\u00e1n; r\u00e0 so\u00e1t Lu\u1eadt Ch\u1ee9ng kho\u00e1n 2019 ti\u1ebfn t\u1edbi s\u1eeda \u0111\u1ed5i, trong \u0111\u00f3 n\u00e2ng chu\u1ea9n nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u00ean nghi\u1ec7p\u2026 \u0110\u1eb7c bi\u1ec7t, c\u00e2n nh\u1eafc m\u1ee9c \u0111\u1ed9 ph\u00f9 h\u1ee3p v\u1ec1 quy \u0111\u1ecbnh t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o, b\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh, ph\u00e2n ph\u1ed1i tr\u00e1i phi\u1ebfu.<\/p>\n

B\u00ean c\u1ea1nh \u0111\u00f3, x\u00e1c \u0111\u1ecbnh nh\u1eefng tr\u01b0\u1eddng h\u1ee3p b\u1eaft bu\u1ed9c, tr\u01b0\u1eddng h\u1ee3p khuy\u1ebfn kh\u00edch x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m. Ngo\u00e0i ra, t\u0103ng ch\u1ea5t l\u01b0\u1ee3ng tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh nh\u01b0 xem x\u00e9t quy \u0111\u1ecbnh c\u1ee5 th\u1ec3 h\u01a1n v\u1ec1 quy m\u00f4, t\u1ea7n su\u1ea5t, \u0111i\u1ec1u ki\u1ec7n ph\u00e1t h\u00e0nh; ho\u1ea1t \u0111\u1ed9ng ph\u00e1t h\u00e0nh ra c\u00f4ng ch\u00fang c\u1ea7n \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3, t\u1ea1o \u0111i\u1ec1u ki\u1ec7n thu\u1eadn l\u1ee3i h\u01a1n (\u0111\u01a1n gi\u1ea3n h\u00f3a quy tr\u00ecnh, r\u00fat ng\u1eafn th\u1eddi gian x\u1eed l\u00fd h\u1ed3 s\u01a1\u2026).<\/p>\n

\u0110\u1eb7c bi\u1ec7t, ho\u00e0n thi\u1ec7n h\u1ea1 t\u1ea7ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng nh\u01b0 thi\u1ebft l\u1eadp th\u1ecb tr\u01b0\u1eddng th\u1ee9 c\u1ea5p t\u1eadp trung \u0111\u1ed1i v\u1edbi tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p, quy \u0111\u1ecbnh \u00e1p d\u1ee5ng chu\u1ea9n m\u1ef1c k\u1ebf to\u00e1n qu\u1ed1c t\u1ebf; khuy\u1ebfn kh\u00edch ph\u00e1t tri\u1ec3n c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c nh\u01b0 qu\u1ef9 \u0111\u1ea7u t\u01b0, qu\u1ef9 m\u1edf, qu\u1ef9 h\u01b0u tr\u00ed; khuy\u1ebfn kh\u00edch h\u00ecnh th\u1ee9c \u1ee7y th\u00e1c \u0111\u1ea7u t\u01b0; c\u1ea3i thi\u1ec7n ch\u1ea5t l\u01b0\u1ee3ng nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n th\u00f4ng qua t\u0103ng c\u01b0\u1eddng gi\u00e1o d\u1ee5c t\u00e0i ch\u00ednh; \u0111\u01b0a ra c\u00e1c s\u1ea3n ph\u1ea9m ph\u00f9 h\u1ee3p v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n.<\/p>\n

Lu\u1eadt s\u01b0<\/span><\/a> Tr\u01b0\u01a1ng Thanh \u0110\u1ee9c<\/a>, Gi\u00e1m \u0111\u1ed1c <\/span>C\u00f4ng ty Lu\u1eadt<\/a> ANVI<\/a><\/strong><\/h5>\n

C\u1ea7n \u1ee9ng x\u1eed h\u00e0i h\u00f2a khi s\u1eeda \u0111\u1ed5i Ngh\u1ecb \u0111\u1ecbnh 153\/2020\/N\u0110-CP, l\u00e0m sao t\u0103ng c\u01b0\u1eddng qu\u1ea3n l\u00fd nh\u01b0ng kh\u00f4ng \u0111\u01b0\u1ee3c k\u00ecm h\u00e3m th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p.<\/em><\/p>\n

Th\u1ee9 nh\u1ea5t, kh\u00f4ng n\u00ean th\u00fac \u00e9p x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m. Tr\u01b0\u1edbc m\u1eaft, ch\u00fang ta n\u00ean quy \u0111\u1ecbnh theo c\u00e1ch \u0111\u00e1nh \u0111\u1ed5i, n\u1ebfu nh\u01b0 anh c\u00f3 k\u1ebft qu\u1ea3 x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m s\u1ebd kh\u00f4ng c\u1ea7n th\u00eam \u0111i\u1ec1u ki\u1ec7n, ho\u1eb7c ch\u1ec9 c\u1ea7n th\u00eam 1 – 2 \u0111i\u1ec1u ki\u1ec7n, b\u1edfi x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m \u0111\u00e3 bao tr\u00f9m nhi\u1ec1u \u0111i\u1ec1u ki\u1ec7n v\u1ec1 ki\u1ec3m to\u00e1n. N\u1ebfu kh\u00f4ng ch\u1ea5p nh\u1eadn x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m th\u00ec doanh nghi\u1ec7p ph\u1ea3i \u0111\u00e1nh \u0111\u1ed5i b\u1eb1ng vi\u1ec7c \u0111\u00e1p \u1ee9ng h\u00e0ng ch\u1ee5c \u0111i\u1ec1u ki\u1ec7n kh\u00e1c.<\/em><\/p>\n

Th\u1ee9 hai, nhi\u1ec1u ng\u01b0\u1eddi n\u00f3i r\u1eb1ng, th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p g\u00e2y ra r\u1ee7i ro, c\u1ea7n ph\u1ea3i th\u1eaft ch\u1eb7t. Quan \u0111i\u1ec3m c\u1ee7a t\u00f4i l\u00e0 ho\u00e0n thi\u1ec7n h\u1ec7 th\u1ed1ng ph\u00e1p l\u00fd kh\u00f4ng c\u00f3 ngh\u0129a l\u00e0 th\u1eaft ch\u1eb7t h\u01a1n, m\u00e0 c\u1ea7n \u0111\u1ea3m b\u1ea3o th\u00f4ng tin \u0111\u1ebfn \u0111\u01b0\u1ee3c th\u1ecb tr\u01b0\u1eddng m\u1ed9t c\u00e1ch c\u00f4ng khai, minh b\u1ea1ch, ch\u00ednh x\u00e1c.<\/em><\/p>\n

Ch\u1eb3ng h\u1ea1n, doanh nghi\u1ec7p c\u00f3 th\u1ec3 ph\u00e1t h\u00e0nh d\u01b0 n\u1ee3 tr\u00e1i phi\u1ebfu g\u1ea5p nhi\u1ec1u l\u1ea7n v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu, nh\u01b0ng ph\u1ea3i c\u00f4ng khai th\u00f4ng tin n\u00e0y cho nh\u00e0 \u0111\u1ea7u t\u01b0. Doanh nghi\u1ec7p c\u0169ng c\u00f3 th\u1ec3 ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu khi thua l\u1ed7, nh\u01b0ng ph\u1ea3i th\u00f4ng b\u00e1o cho nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111ang l\u1ed7 bao nhi\u00eau. Mua tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p l\u00e0 \u0111\u1ea7u t\u01b0, l\u1ee3i nhu\u1eadn \u0111i k\u00e8m r\u1ee7i ro theo c\u01a1 ch\u1ebf \u0111i\u1ec1u ch\u1ec9nh c\u1ee7a th\u1ecb tr\u01b0\u1eddng.<\/em><\/p>\n

V\u1ec1 c\u00e1ch th\u1ee9c c\u00f4ng khai th\u00f4ng tin, theo t\u00f4i, \u0111\u1ea7u ti\u00ean ph\u1ea3i \u0111i t\u1eeb website c\u1ee7a c\u00f4ng ty, c\u00f9ng v\u1edbi \u0111\u00f3 l\u00e0 c\u00f4ng b\u1ed1 tr\u00ean m\u1ed9t s\u1ed1 ph\u01b0\u01a1ng ti\u1ec7n th\u00f4ng tin \u0111\u1ea1i ch\u00fang \u0111\u1ec3 th\u1ecb tr\u01b0\u1eddng gi\u00e1m s\u00e1t. Kh\u00f4ng c\u00f3 g\u00ec gi\u00e1m s\u00e1t t\u1ed1t b\u1eb1ng th\u1ecb tr\u01b0\u1eddng, Nh\u00e0 n\u01b0\u1edbc ch\u1ec9 l\u00e0 m\u1ed9t trong nh\u1eefng c\u00f4ng c\u1ee5 gi\u00e1m s\u00e1t.<\/em><\/p>\n

Ngo\u00e0i ra, s\u1eeda \u0111\u1ed5i c\u01a1 ch\u1ebf x\u1eed ph\u1ea1t, t\u0103ng m\u1ee9c \u0111\u1ed9 x\u1eed ph\u1ea1t, kh\u00f4ng gi\u1edbi h\u1ea1n ph\u1ea1t h\u00e0nh ch\u00ednh.<\/em><\/p>\n

Minh<\/strong> Minh<\/strong><\/h5>\n

—————<\/em><\/p>\n

\u0110\u1ea7u<\/em><\/strong> t\u01b0 Ch\u1ee9ng kho\u00e1n (Tr\u00e1i phi\u1ebfu) 25-5-2022:<\/em><\/strong><\/p>\n

https:\/\/www.tinnhanhchungkhoan.vn\/khong-nen-siet-chat-thi-truong-trai-phieu-doanh-nghiep-post297990.html<\/em><\/a><\/p>\n

(332\/1.847)<\/em>","protected":false},"excerpt":{"rendered":"

Kh\u00f4ng n\u00ean si\u1ebft ch\u1eb7t th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p\u00a0 (\u0110TCK)\u00a0C\u00e1c chuy\u00ean gia cho r\u1eb1ng, l\u00e0m l\u00e0nh m\u1ea1nh h\u00f3a th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p kh\u00f4ng nh\u1ea5t thi\u1ebft ph\u1ea3i th\u1eaft ch\u1eb7t c\u00e1c quy \u0111\u1ecbnh. TS. Nguy\u1ec5n Tr\u00ed Hi\u1ebfu, Chuy\u00ean gia t\u00e0i ch\u00ednh – ng\u00e2n h\u00e0ng Ngh\u1ecb \u0111\u1ecbnh 153\/2020\/N\u0110-CP v\u1ec1 ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu ri\u00eang l\u1ebb […]<\/p>\n","protected":false},"author":2,"featured_media":23380,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[17,26],"tags":[41,34,36],"class_list":["post-23379","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-binh-luan-gop-y","category-legal-media","tag-luat-su-chung-khoan","tag-luat-su-doanh-nghiep","tag-luat-su-ngan-hang"],"acf":[],"yoast_head":"\n3.158. 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